Tips for Buying house

ted1

Fondu wrote: »

Update:
The EA came back to me today saying that the other bidder has put in an offer of 123.

My offer was 118.

Not sure what i will do. Its reached the max i would pay for it now tbh. Its an investment property so i will not become emotionally attached to it.

Tell him to give you a call when its falling through and you'll give him 115 and not to bother if he wants to get more out of you

valleyoftheunos

Galego wrote: »

If anyone is ever able to tell me why a cash buyer has priority over a mortgage approved buyer, maybe that day I will change my opinion but till then it makes absolutely no sense!

A mortgage approved buyer can pay the seller almost as quick as a cash buyer. If all paper work is well in place a bank takes literally 3 weeks to issue the cheque.

Would I refuse 2k, 3k, 5k, 10K for the sick of waiting 2-3 weeks extra? I wouldnt think so.

Cash buyers aren't in a chain of sales, makes Moving much easier and can actually end up saving a seller money.

Fondu wrote: »

Update:
The EA came back to me today saying that the other bidder has put in an offer of 123.

My offer was 118.

Not sure what i will do. Its reached the max i would pay for it now tbh. Its an investment property so i will not become emotionally attached to it.

You've hit your max so walk away, there will be other properties.

TheDriver

every property I have viewed has a bid in on it already........ no matter how little time it has been on the market.....

Fondu

Update:
I called Ea today. The minute i called him, he tells me another person put in a cash offer of 125 just under an hour before i called him.

I put my final offer of 120 and even though its below this other bidder, i get the feeling im being taken for a ride. I told him that the other offer is fair enough however i cant go above this. He told me he will give me a call back either way to let me know. Not sure what to make of it.

I will let you know how it goes.

I have a feeling that i may receive a phonecall saying that the other bidders have fallen through. Am i able to reduce my offer to 118 again as i now wish i didnt say that price to him?

valleyoftheunos

Fondu wrote: »

Update:
I called Ea today. The minute i called him, he tells me another person put in a cash offer of 125 just under an hour before i called him.

I put my final offer of 120 and even though its below this other bidder, i get the feeling im being taken for a ride. I told him that the other offer is fair enough however i cant go above this. He told me he will give me a call back either way to let me know. Not sure what to make of it.

I will let you know how it goes.

I have a feeling that i may receive a phonecall saying that the other bidders have fallen through. Am i able to reduce my offer to 118 again as i now wish i didnt say that price to him?

You can withdraw your offer at any time right up until the contracts are signed.

Let us know what happens!

delthedriver

Fondu wrote: »

Update:
I called Ea today. The minute i called him, he tells me another person put in a cash offer of 125 just under an hour before i called him.

I put my final offer of 120 and even though its below this other bidder, i get the feeling im being taken for a ride. I told him that the other offer is fair enough however i cant go above this. He told me he will give me a call back either way to let me know. Not sure what to make of it.

I will let you know how it goes.

I have a feeling that i may receive a phonecall saying that the other bidders have fallen through. Am i able to reduce my offer to 118 again as i now wish i didnt say that price to him?

Just walk away from this one altogether. The EA is really playing you along. Even if you offer €130 k, he will have an offer of €135 k , and so on..........

Why are you still chasing this bus? The EA is driving the bus here!

Don't waste any more time, there are plenty of other opportunities out there.....

Fondu

Update: I didnt receive any phonecall from the EA. I called him today and the price is now up to 130k.

Wabbit Ears

Wow, So people DO still fall for the really really obvious fake bid scam.

Galego

Wabbit Ears wrote: »

Wow, So people DO still fall for the really really obvious fake bid scam.

Why is this a really obvious fake bid scam?

I am yet to know the rental yield for this property, where it is based, photos of it, etc, so how could anyone assume that this property does not value 130k eur in today´s market?

A decent property with a decent rental yield would get snapped in the market, specially in today`s low bank deposit rates.....

Fondu

Gross income will be between 11-12k per annum. Expenditures of 1.5+ per annum.

delthedriver

Fondu wrote: »

Update: I didnt receive any phonecall from the EA. I called him today and the price is now up to 130k.

Guess it is at € 140 by now!

Citycap

Are you prepared to go up a few thousand?

If you want the house make a decision on your upper limit and stick to it. If the Agent is bluffing you about a higher bid he will come back it. If not you move on. Remember that if you are continuing to let it out the house is a business. Forget the romance and sentimentality. If you do get the furniture free well and good or even for a bargain price as you will not have to incur major refurbishment costs while the present tenants are in place
The initial price has appeared to be a sweetener to draw in bidders. There is a move in the housing market in some areas and plenty of people with cash reserves.

delthedriver

Citycap wrote: »

Are you prepared to go up a few thousand?

If you want the house make a decision on your upper limit and stick to it. If the Agent is bluffing you about a higher bid he will come back it. If not you move on. Remember that if you are continuing to let it out the house is a business. Forget the romance and sentimentality. If you do get the furniture free well and good or even for a bargain price as you will not have to incur major refurbishment costs while the present tenants are in place
The initial price has appeared to be a sweetener to draw in bidders. There is a move in the housing market in some areas and plenty of people with cash reserves.

Fair comment.
Buyer, it is **** or bust time!
The market appears to be moving in certain areas, prices have stabilised, properties are changing hands, and rents are rising in certain parts of Dublin.
Buy or walk away!

Fondu

Update: I got one of my friends to call the EA. They told her the latest bid was 132.

I called a few hours later and was told the bid was 136. I asked when the bid came in and they told me the 21st of May.

Both of us were told that they are close to closing. I know their outright lying now so im at a loss as to what to do now.

ted1

Call the EA tell him your about to go and pay the deposit for a different place, but would prefer that one, has the offer of 130 falling through because you'd pay 125 ( or whatever) and need to know by 14:00 as your meeting the other EA to pay deposit.

Galego

ted1 wrote: »

Call the EA tell him your about to go and pay the deposit for a different place, but would prefer that one, has the offer of 130 falling through because you'd pay 125 ( or whatever) and need to know by 14:00 as your meeting the other EA to pay deposit.

+1

Good luck.

Troy2013

You could be writing a carbon copy of our bidding process with an EA of late. Sorry for the long post but here is our story.

House is on the market about a month or two. Asking €300k. It is probably right on the value and might even be slightly undervalued. It's In a great area, near everything, huge garden. Needs a good bit of work to it as its an old house but probably 20-40k would have it in good shape.

So the opening bid is €270k with no movement for the first few weeks. Third week an unknown bidder goes to €307k (i.e €7k over the asking price to secure it). We were scheduled into see it anyway so went along. I fell in love with it(silly mistake I know!) and we put a bid in at €312k.

Within a week we had four new interested parties plus ourselves. Bids went to €315k, €317k, €325k, €327k. So house is now €27k over asking price.

We have decided to pull out of the bidding now. Really disappointed as its the first house in over two years of looking I loved as opposed to being a house I could live in. But I just feel the Auctioneer is playing games as he has rang up twice a day putting pressure on us to bid upwards and saying its close to sale.

I think if you are not emotionally attached to the house I wold do as Ted1 suggested and put in a final bid & put a time line on it. Until Thursday evening maybe as you intend to put a deposit elsewhere Friday morning.

P.S. Good luck. I hope it works out for you.

Xenophile

I would like to know if engaging Buying Agents to buy a property that you already know where you want to buy is a good idea

Location...........Leopardstown...........Central Park Apartment.........Vantage apartment.............1 or 2 bed.

Markcheese

Xenophile wrote: »

I would like to know if engaging Buying Agents to buy a property that you already know where you want to buy is a good idea

Location...........Leopardstown...........Central Park Apartment.........Vantage apartment.............1 or 2 bed.

Not sure why you're putting up details of where you want ... But having a buyers agent COULD be a good idea.
You tell the guy what you want and where you want it , they find it , negotiate a good deal for you , and get paid a commision on that .... That's the theory ....
How do you know their really getting you a good deal ?? They know your budget and want the sale so surely will pay to your max to guarantee it ...

quad_red

A month today since we went sale agreed.

And it's rumbling along. All the bank stuff happened very quickly. Valuer was arranged (literally) in a few hours and came out with 3 days. He did the valuation and gave me a call to go through it. Had to pay him directly for the valuation.

Everything on our side is proceeding along fine. Mortgage stuff is nailed down, have submitted all the forms re life assurance and Aviva are sending out a questionnaire to my wife's old doctor's re an older condition (broker doesn't think there's anything to worry about given the condition is 100% gone etc.).

The one pain is that the vendors are painfully slow answering any questions as they're out of the country.

We still don't have a closing date! Is that normal?

killers1

quad_red wrote: »

A month today since we went sale agreed.

And it's rumbling along. All the bank stuff happened very quickly. Valuer was arranged (literally) in a few hours and came out with 3 days. He did the valuation and gave me a call to go through it. Had to pay him directly for the valuation.

Everything on our side is proceeding along fine. Mortgage stuff is nailed down, have submitted all the forms re life assurance and Aviva are sending out a questionnaire to my wife's old doctor's re an older condition (broker doesn't think there's anything to worry about given the condition is 100% gone etc.).

The one pain is that the vendors are painfully slow answering any questions as they're out of the country.

We still don't have a closing date! Is that normal?

It's perfectly normal. The first mention of a closing date will be the one specified in the contracts when your solicitor receives them. This date is not set in stone but will give you an indication of the timeframe the vendors want to work to. Be patient & just continue as you are, getting the items you can control in place. The rest will fall into place in due course. Best of luck!

TheDriver

quad_red wrote: »

A month today since we went sale agreed.

And it's rumbling along. All the bank stuff happened very quickly. Valuer was arranged (literally) in a few hours and came out with 3 days. He did the valuation and gave me a call to go through it. Had to pay him directly for the valuation.

Everything on our side is proceeding along fine. Mortgage stuff is nailed down, have submitted all the forms re life assurance and Aviva are sending out a questionnaire to my wife's old doctor's re an older condition (broker doesn't think there's anything to worry about given the condition is 100% gone etc.).

The one pain is that the vendors are painfully slow answering any questions as they're out of the country.

We still don't have a closing date! Is that normal?

Just keep your solicitor battling to push on. Killers1 is correct in that it will take shape however I have found in a small number of cases in past that seller (or buyer) can drag their feet because they are in no hurry thinking the buyer is going hang around for ages dying to buy the house, remember both sides can pull out up to signing of contracts...........

Woodville56

Xenophile wrote: »

I would like to know if engaging Buying Agents to buy a property that you already know where you want to buy is a good idea

Location...........Leopardstown...........Central Park Apartment.........Vantage apartment.............1 or 2 bed.

As newbies to the househunting game, we have also considered using a buyers broker to negotiate and progress an offer should a property we want come to market.
In embarking on this route, as the previous poster here noted, we feel we need to have our priorities sorted as regards budget, location, amenities, house & garden size etc etc and then ask the Buyers Agent to source a property that ticks our boxes, and then proceed to deal with the EA on our behalf. The deal with the broker would obviously involve an agreed commission for finding /negotiating a property within our budget. The terms would have to be clearly agreed at the outset. We are thinking of going this route because of all the "goings on" we have read and heard of regarding EA behaviour and our own feelings of inadequacy in negotiating the property market in light of such tales of EA dealings with other buyers here and local to our area.
I raised this idea of using a Buyers Agent here in this forum some time ago and responses seemed a bit sceptical of any value , or indeed saving,in this approach !
Any further comments or development of this topic would be welcome

slystallone

https://www.boards.ie/discussion/comment/84583405#Comment_84583405

Do these surveys usually just check the building itself or can they also give you information about previous flooding if any at or near the house?